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Kotak Headstart Child Assure Plan

Kotak Headstart Child Assure is a unit-linked plan that is meant to provide dual benefits of wealth creation and protection. This plan is designed to help amass a sizeable fund that can be used for the benefit of the child. Considering the expenses that you will have to incur later in educating your children, their daily expenses and needs, this plan fits perfectly to eliminate these problems that you could face. This plan provides tax benefits which you, as a policyholder, can avail.

Some of the Key Features of this Plan are:

  • To facilitate the creation of wealth for the benefit of your child’s future and his/her financial needs
  • To invest your money in a plethora of investment funds
  • To ensure that your child is protected with financial security through Triple Benefit

Eligibility – Who is the Kotak Headstart Child Assure plan for?

If an individual is interested in purchasing a Kotak Headstart Child Assure plan for their child, they would have to meet the following eligibility criteria:

Parameters Eligibility Criteria
Entry Age Minimum: 18 years, Maximum: 60 years
Maturity Age Minimum: 28 years, Maximum: 70 years
Term of the Policy 10 years, 15-25 years The minimum policy term is the greater of 10 and 18 after subtracting the age of the beneficiary (on the last birthday) on the date of inception of the policy.

Sum Assured and Premium Range – What you get and what it costs?

Sum that is assured to the policyholder o beneficiary is listed below:

Sum Parameter
Basic Sum that is Assured Minimum sum for entry age that is less than 45 years: Higher of (Policy Term x 0.5 x AP) Minimum sum for entry age that is 45 years and above: Higher of (Policy Term x 0.25 x AP) Maximum: AP x 25

Listed below are the various premiums that you will have to make towards the policy:

Parameters Criteria
Premium Payment Term
  • Regular: Will be equal to the policy term
  • Limited: 5 years for a policy term of 10 years.
10 years for a policy term of 15-25 years.
Limited Premium Payment (LPP) For a 5 year LPP, minimum: Rs.50,000 p.a. For a 10 year LPP, minimum: Rs.20,000 p.a.
Regular Premium Minimum: Rs.20,000 p.a.
Premium Payment Frequency Half-yearly and yearly

Premiums vary based on age, location, plan term and other factors.

Plan Coverage – What Kotak Headstart Child Assure covers?

The Kotak Headstart Child Assure policy works in the following way:

  • The customer will have to make a decision on the amount that he/she would have to save on a half-yearly or annual basis which is required to secure their child’s future.
  • The customer then has to decide on the term of the policy that they are purchasing depending on the goals (education, marriage, etc.) that they have set for their child such.
  • Once this is done, the customer will have to choose the sum assured depending on your eligibility, existing insurance cover, etc.
  • The customer will then have to select the fund options that best suits their requirements.
  • The coverage of Kotak Headstart Child Assure is listed below:
Option Details
Death Benefit In case the policyholder meets with an untimely demise, the fund value subjected to at least 105% of the total premiums that have been paid up to the death of the policyholder plus the basic sum that is assured has to be paid.
Flexible Withdrawals Policyholders can enjoy flexible withdrawals as they are granted access to their investments after completing the 5th year of the policy. The policyholder will be charged a fee of Rs.500 for every partial withdrawal where the minimum amount that they can withdraw is Rs.10,000.
Maturity Benefit Policyholder can choose if they want to receive their full fund value or receive part of the fund in cash and the rest in instalments for a period of 5 years after maturity.

Exclusions – What Kotak Headstart Child Assure doesn’t cover?

There are a few points that are related to suicide and these are listed below:

  • If the Life Assured commits suicide within a year from the date of issue of the policy, the beneficiary or nominee will not receive the basic sum that is assured and the premium waiver. Only the Fund Value that is applicable on the date of the death of the policyholder shall be payable.
  • If the Life Assured commits suicide within a year from the date of renewal of the policy (renewal done within 6 months from the date when the policy was discontinued), Suicide Exclusion will not be applicable and the beneficiary or nominee will be eligible to receive the Death Benefit under this policy.

Other Key Benefits – Free-look Period, Surrender Values and Grace Period etc.

The salient features of the Kotak Headstart Child Assure plan are listed below:

Free Look Period The policyholder has a timeframe of 15 days (30 days for Distance Marketing Channel) from the date of receipt of the policy. The policyholder will have to read the offer documents carefully and understand the terms and conditions after which he/she can make a decision to invest in it or return the policy. If the policyholder chooses to return the policy, he/she will be charged a fee for the cancellation of units plus fund value.
Grace Period A grace period of 30 days is granted to a policyholder
Surrender Value The policyholder will be charged a certain fee for reviving a policy within 2 years from the date the policy was discontinued. The policy is considered as surrendered if the policyholder has not cleared all due premiums by the end of the revival period. Fund Value will be payable to the policyholder if he/she does not for any option given during the notice period, the policy will be surrendered.

Tax Benefits – How you can save with Kotak Headstart Child Assure?

Any tax benefits that is offered under this plan is in accordance with the Income Tax Act, 1961. Listed below are the tax benefits that you can avail from this plan:

  • Any premiums that you have paid will be eligible for tax benefits under Section 80(C).
  • You can also make a claim for benefits for the death or maturity claim under Section 10(10D).

Other Benefits – How can you save with Kotak Headstart Child Assure?

Listed below are some of the other benefits that are offered by Kotak life insurance:

  • The policyholder can check the Insurance Guide if they have any intention of picking up a new plan.
  • There are a number of modes that are available for paying your premiums.
  • A premium calculator is available which you can use to determine the amount that you will have to pay as premium towards your plan.
  • A Life Advisor is available for you give you professional advice to help your make the right choices when choosing a plan.

Why should you buy Headstart Child Assure from Kotak?

Kotak offers a plethora of options for its privileged customers to choose ranging from life insurance to wealth accumulation. There is an appropriate balance between wealth accumulation and protection for your child with Headstart Child Assure Plan. With flexibility options available for this plan, it is easy for an individual to secure their child’s future by purchasing a Headstart Child Assure plan from Kotak. The company also boasts of an outstanding record of settling claims. Customer service is continuously reworked to give the best experience to its customers. The company operates out of 232 branches located in over 167 cities in the country. Kotak Life Insurance has a large agent base of 99,275 agents who provide world class service to its customers.  

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